Costa Mesa Distressed Property Update

 Currently about ¼ of Costa Mesa real estate listings that are classified as “active” in the SoCal MLS can be considered a distressed property. This means that the home is a short sale or foreclosure. A few years ago when real estate values started their decline, many buyers were concerned about dealing with short sales and foreclosures. Take a look at this:-In 2007, only 14 Costa Mesa homes sold as a short sale or foreclosure-So far in 2012 to date there have been 99 distressed sales in Costa Mesa-Currently there are 135 more distressed properties on the market in “active”, “backup” and “pending” status. Yes, the market has changed dramatically! As a buyer, it’s important to consider distressed properties because they make up 25% of the market. Housing inventory is all ready limited – why limit yourself more by avoiding 25% of the listings? As a seller, it’s necessary to learn as much as possible about how short sales and foreclosures work. Many homeowners have been encouraged by the advantages that short sales offer as compared to foreclosures. It’s so important to trust short sale specialists who understand the process because there are a lot of different people out there who claim to know the procedure and do not have accurate information. The goal is to keep you from falling victim to foreclosure. There’s also another reason to consider a short sale NOW – The Mortgage Debt Relief Act is ending Dec. 31, 2012 and it could have a significant tax impact on short sales that are done moving forward. To find out more about short sales and whether or not one may be right for you, please contact us today at 714-540-7355 or info@torellirealty.com.